The outdoor lighting market is anticipated to hold a revenue of USD 12.57 billion in 2023, with expectations to cross a value of USD 25.67 billion by 2033, strengthening its boundaries at a steady CAGR of 7.4% during the forecast period.
The global promotion of efficient lighting is done by govern ants. In addition to addressing air pollution, outdoor lighting as well needs to be looked at. Similarly, the US government in August 2021 unveiled Climate Smart Building Initiative, which could help in creating partnership and coordination between government and private sector for upgrading energy-efficient structures.
As infrastructure develops, there’s a growing demand for lighting in streets, alleyways, and highways. Governments are increasingly seeking environmentally efficient and sustainable lighting solutions for these areas. LED and solar-powered lights are becoming more prevalent, significantly increasing the demand for outdoor lighting. The expansion of research and development facilities has led to the emergence of integrated lighting systems, including IoT-integrated lights, lamps, and waterproof outdoor wall lights.
Future Market Insights, over its latest market study titled ‘Outdoor Lighting Market’, has carved these facts with future possibilities. It has its own analysts and consultants to provide the necessary service using an all-round approach.
Key Takeaways from Outdoor Lighting Market
North America holds the largest market share due to the US being subject to increasing industrial space that would require outdoor lighting.
The Asia-Pacific is expected to grow at the fastest rate in the outdoor lighting market. This could be credited to consent of end-consumers to opt for wireless technology. Australia is another region witnessing growth on an extensive note with smart lighting being widely accepted.
Complete Market Review: https://www.futuremarketinsights.com/reports/outdoor-lighting-market
Competitive Arena
Takiyo Japan is known to offer a plethora of solar lights having superior features. The lights have a higher battery capacity, are durable, and abreast with motion sensors with automatic ‘off’ and ‘on’ features. Lights could also be adjusted as per surroundings.
Virtual Extension is making ways for smart control technology for LED street lights. VEmesh lighting system is known for integrating with intelligent management and control system. Control system facilitates control over LED lights by making use of Cloud services, thereby letting them turn off and on even at a distance.
Smart Global Holding Inc., in March 2021, completed acquisition of LED product business of Cree Inc. with the objective of enhancing geographical reach.
